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Originally Posted by Burninator
It all adds up. Lets say a company like IKEA who has like 20 tills and lets day that half of them get that 4 cents a minute. That would add up to $288 a day and roughly a $100,000 dollars a year. Obvisouly this a maximum type of senario and unlikely.
I basically don't like giving my money away to companies for nothing.
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If IKEA really wants your extra 4 cents now, all they have to do is raise their prices by exactly that. Nobody in business is going to view this as some special, previously-unavailable winfall.
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Originally Posted by Ford Prefect
Wouldn't we have to get rid of the GST if we want to get rid of the penny? Or would the rounding up and down factor into a business's GST remissions to Revenue Canada. I can't see how this would work, unless Revenue Canada allows business's to "estimate" their GST remissions by rounding things off. In my experience, Revenue Canada is not that flexible.
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Nope; I don't see why. Keep in mind that nearly every transaction is rounded now anyhow. With GST currently at 6%, it only works out to exactly even penny's at ending totals of exactly $X.00 and $X.50. Everything else -- fully 98% of all potential transactions -- are
rounded to the nearest penny. Not a huge jump to round to the nearest nickle. Either way it's just elementry math.